Financials Japan Tobacco Inc.

Equities

2914

JP3726800000

Tobacco

Market Closed - Japan Exchange Other stock markets 07:30:00 23/06/2025 BST			5-day change	1st Jan Change
4,380.00 ^JPY	+0.39%		+0.46%	+7.35%

06-19	Shionogi Completes Tender Offer for Torii Pharmaceutical, Acquiring 39% Stake	MT
06-04	Japan's Nikkei surges as trade optimism lifts tech; Toyota Industries plunges	RE

Projected Income Statement: Japan Tobacco Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,092,561	2,324,838	2,657,832	2,841,077	3,149,759	3,346,386	3,480,339	3,625,942
Change	-	11.1%	14.32%	6.89%	10.86%	6.24%	4%	4.18%
EBITDA ¹	648,708	686,078	853,226	852,062	877,040	912,912	963,700	1,022,319
Change	-	5.76%	24.36%	-0.14%	2.93%	4.09%	5.56%	6.08%
EBIT ¹	469,054	499,021	653,575	672,410	697,203	732,452	785,451	849,700
Change	-	6.39%	30.97%	2.88%	3.69%	5.06%	7.24%	8.18%
Interest Paid ¹	-61,344	-45,645	-91,272	-95,222	-89,695	-95,000	-75,650	-77,150
Earnings before Tax (EBT) ¹	420,063	472,390	593,450	621,601	607,509	658,009	723,634	789,048
Change	-	12.46%	25.63%	4.74%	-2.27%	8.31%	9.97%	9.04%
Net income ¹	310,253	338,490	442,716	482,288	463,369	481,324	524,587	571,235
Change	-	9.1%	30.79%	8.94%	-3.92%	3.87%	8.99%	8.89%
Announcement Date	09/02/21	14/02/22	14/02/23	13/02/24	13/02/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	519,620	510,598	561,882	500,464	547,366	597,130	631,600	558,763	581,505	685,323	741,670	649,284	665,278	727,534	764,206	684,059	740,333	829,559	823,386	756,481	826,981	894,420	890,332	795,110
Change	-	-1.74%	10.04%	-10.93%	9.37%	9.09%	5.77%	-11.53%	4.07%	17.85%	8.22%	-12.46%	2.46%	9.36%	5.04%	-10.49%	8.23%	12.05%	-0.74%	-8.13%	9.32%	8.15%	-0.46%	-10.7%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	128,953	123,036	138,211	78,873	160,129	161,971	158,600	18,325	178,368	204,604	196,330	91,372	206,404	207,151	218,292	40,563	215,818	216,844	203,967	60,574	248,758	227,848	213,178	64,285
Change	-	-4.59%	12.33%	-42.93%	103.02%	1.15%	-2.08%	-88.45%	873.36%	14.71%	-4.04%	-53.46%	125.89%	0.36%	5.38%	-81.42%	432.06%	0.48%	-5.94%	-70.3%	310.67%	-8.41%	-6.44%	-69.84%
Charge d'intérêts	-15,452	-14,314	-20,688	-10,890	-7,325	-7,579	-17,783	-12,958	-8,819	-23,054	-29,630	-29,769	-30,741	-26,378	-18,173	-	-29,429	-	-42,257	-	-40,108	-	-	-
Earnings before Tax (EBT) ¹	115,102	110,859	119,597	74,505	156,342	157,753	149,726	8,569	174,699	186,286	174,611	57,854	183,146	190,284	212,779	35,392	201,266	197,807	181,199	27,237	226,069	224,274	209,591	69,263
Change	-	-3.69%	7.88%	-37.7%	109.84%	0.9%	-5.09%	-94.28%	1,938.73%	6.63%	-6.27%	-66.87%	216.57%	3.9%	11.82%	-83.37%	468.68%	-1.72%	-8.4%	-84.97%	730.01%	-0.79%	-6.55%	-66.95%
Net income ¹	86,373	86,122	85,405	52,305	113,786	111,414	113,600	-323	124,110	139,953	139,740	38,916	144,684	142,325	155,001	40,278	157,266	147,906	137,242	20,955	157,480	153,954	143,375	34,221
Change	-	-0.29%	-0.83%	-38.76%	117.54%	-2.08%	1.96%	-100.28%	38,524.15%	12.77%	-0.15%	-72.15%	271.79%	-1.63%	8.91%	-74.01%	290.45%	-5.95%	-7.21%	-84.73%	651.52%	-2.24%	-6.87%	-76.13%
Announcement Date	30/04/20	31/07/20	30/10/20	09/02/21	30/04/21	30/07/21	29/10/21	14/02/22	28/04/22	29/07/22	31/10/22	14/02/23	02/05/23	31/07/23	31/10/23	13/02/24	09/05/24	02/08/24	31/10/24	13/02/25	07/05/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2025 S1	2025 S2
Net sales ¹	1,144,500	1,180,338	1,266,828	1,391,004	1,392,812	1,448,265	1,569,892	1,702,700	1,695,400
Change	-	3.13%	7.33%	9.8%	0.13%	3.98%	8.4%	8.46%	-0.43%
EBITDA	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EBIT ¹	322,100	-	382,972	270,603	413,555	258,855	432,662	439,900	261,600
Change	-	-	-	-29.34%	52.83%	-37.41%	67.14%	1.67%	-40.53%
Charge d'intérêts	-14,904	-30,741	-31,873	-	-57,119	-	-65,074	-	-
Earnings before Tax (EBT)	314,095	-	360,985	-	373,430	248,171	399,073	-	-
Change	-	-	-	-	-	-33.54%	60.81%	-	-
Net income	225,200	-	264,063	-	287,009	195,279	305,172	-	-
Change	-	-	-	-	-	-31.96%	56.27%	-	-
Announcement Date	30/07/21	14/02/22	29/07/22	14/02/23	31/07/23	13/02/24	02/08/24	-	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Japan Tobacco Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	478,961	196,891	91,426	102,053	463,553	528,691	478,213	337,847
Change	-	-58.89%	-53.57%	11.62%	354.23%	14.05%	-9.55%	-29.35%
Announcement Date	09/02/21	14/02/22	14/02/23	13/02/24	13/02/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Japan Tobacco Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	108,620	86,350	101,044	125,361	150,691	159,209	150,084	150,036
Change	-	-20.5%	17.02%	24.07%	20.21%	5.65%	-5.73%	-0.03%
Free Cash Flow (FCF) ¹	411,213	501,410	381,977	441,653	-	500,942	554,440	593,930
Change	-	21.93%	-23.82%	15.62%	-	-	10.68%	7.12%
Announcement Date	09/02/21	14/02/22	14/02/23	13/02/24	13/02/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Japan Tobacco Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	31%	29.51%	32.1%	29.99%	27.84%	27.28%	27.69%	28.19%
EBIT Margin (%)	22.42%	21.46%	24.59%	23.67%	22.14%	21.89%	22.57%	23.43%
EBT Margin (%)	20.07%	20.32%	22.33%	21.88%	19.29%	19.66%	20.79%	21.76%
Net margin (%)	14.83%	14.56%	16.66%	16.98%	14.71%	14.38%	15.07%	15.75%
FCF margin (%)	19.65%	21.57%	14.37%	15.55%	-	14.97%	15.93%	16.38%
FCF / Net Income (%)	132.54%	148.13%	86.28%	91.57%	-	104.08%	105.69%	103.97%
Profitability
ROA	7.68%	8.47%	9.63%	8.99%	7.81%	5.97%	6.5%	7.01%
ROE	12%	12.7%	13.9%	13.1%	4.7%	12.56%	13.59%	14.51%
Financial Health
Leverage (Debt/EBITDA)	0.74x	0.29x	0.11x	0.12x	0.53x	0.58x	0.5x	0.33x
Debt / Free cash flow	1.16x	0.39x	0.24x	0.23x	-	1.06x	0.86x	0.57x
Capital Intensity
CAPEX / Current Assets (%)	5.19%	3.71%	3.8%	4.41%	4.78%	4.76%	4.31%	4.14%
CAPEX / EBITDA (%)	16.74%	12.59%	11.84%	14.71%	17.18%	17.44%	15.57%	14.68%
CAPEX / FCF (%)	26.41%	17.22%	26.45%	28.38%	-	31.78%	27.07%	25.26%
Items per share
Cash flow per share ¹	276.1	296.2	362	372.9	202.2	357	342.9	360.8
Change	-	7.26%	22.21%	3.02%	-45.76%	76.53%	-3.95%	5.23%
Dividend per Share ¹	154	140	188	194	194	201.1	216.9	235.5
Change	-	-9.09%	34.29%	3.19%	0%	3.67%	7.86%	8.57%
Book Value Per Share ¹	1,422	1,583	1,995	2,157	2,121	2,215	2,311	2,412
Change	-	11.34%	26%	8.16%	-1.67%	4.41%	4.33%	4.36%
EPS ¹	174.9	190.8	249.4	271.7	261	272.4	296.3	323.2
Change	-	9.08%	30.77%	8.92%	-3.94%	4.36%	8.79%	9.1%
Nbr of stocks (in thousands)	1,774,243	1,774,521	1,774,851	1,775,305	1,775,590	1,775,464	1,775,464	1,775,464
Announcement Date	09/02/21	14/02/22	14/02/23	13/02/24	13/02/25	-	-	-